Short Intermediate Correlations

FOSIX Fund

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The current 90-days correlation between Short Intermediate Bond and Federated Total Return is 0.62 (i.e., Poor diversification). The correlation of Short Intermediate is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Short Intermediate Correlation With Market

Significant diversification

The correlation between Short Intermediate Bond Fund and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Short Intermediate Bond Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Short Intermediate Bond Fund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Short Mutual Fund

0.72	FOIPX	Income Fund Institutional	Pair Corr
0.8	FOINX	Income Fund Institutional	Pair Corr
0.84	FONPX	Tributary Nebraska Tax	Pair Corr
0.99	FOSPX	Short Intermediate Bond	Pair Corr
0.91	VBIRX	Vanguard Short Term	Pair Corr
0.92	VFSUX	Vanguard Short Term	Pair Corr
0.96	VFSIX	Vanguard Short Term	Pair Corr
0.96	VFSTX	Vanguard Short Term	Pair Corr
0.97	VBITX	Vanguard Short Term	Pair Corr
0.97	VBISX	Vanguard Short Term	Pair Corr
0.92	VSCSX	Vanguard Short Term	Pair Corr
0.76	LALDX	Lord Abbett Short	Pair Corr
0.73	LDLAX	Lord Abbett Short	Pair Corr
0.73	LDLRX	Lord Abbett Short	Pair Corr
0.76	NXJ	Nuveen New Jersey	Pair Corr
0.72	VSPVX	Vanguard Sp 500	Pair Corr
0.81	BMBIX	Baird Quality Interm	Pair Corr
0.87	HCPIX	Health Care Ultrasector	Pair Corr
0.79	FNMTX	Nuveen New Mexico	Pair Corr
0.86	NSTAX	Neuberger Berman Str	Pair Corr
0.67	JITIX	Jpmorgan Intermediate Tax	Pair Corr
0.62	VFINX	Vanguard 500 Index	Pair Corr
0.68	RTECX	Tax Exempt Bond	Pair Corr

Moving against Short Mutual Fund

0.45	FSMBX	Tributary Smallmid Cap	Pair Corr
0.44	FSMCX	Tributary Smallmid Cap	Pair Corr

Related Correlations Analysis

	FTRGX	PFCOX	EMEAX	EMFIX	BWLIX	BRLVX	WBALX	DLGBX	SIMYX	ETORX
FTRGX		0.64	0.16	0.23	0.34	0.35	0.26	0.22	0.17	0.75	FTRGX
PFCOX	0.64		0.19	0.36	0.69	0.69	0.3	0.56	0.71	0.5	PFCOX
EMEAX	0.16	0.19		0.88	0.54	0.54	-0.26	-0.21	0.34	0.57	EMEAX
EMFIX	0.23	0.36	0.88		0.6	0.6	-0.15	-0.02	0.47	0.58	EMFIX
BWLIX	0.34	0.69	0.54	0.6		1.0	-0.08	0.0	0.79	0.66	BWLIX
BRLVX	0.35	0.69	0.54	0.6	1.0		-0.08	0.0	0.79	0.67	BRLVX
WBALX	0.26	0.3	-0.26	-0.15	-0.08	-0.08		0.27	0.04	-0.07	WBALX
DLGBX	0.22	0.56	-0.21	-0.02	0.0	0.0	0.27		0.45	-0.15	DLGBX
SIMYX	0.17	0.71	0.34	0.47	0.79	0.79	0.04	0.45		0.3	SIMYX
ETORX	0.75	0.5	0.57	0.58	0.66	0.67	-0.07	-0.15	0.3		ETORX
	FTRGX	PFCOX	EMEAX	EMFIX	BWLIX	BRLVX	WBALX	DLGBX	SIMYX	ETORX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BRLVX	+ 1.0	BWLIX
EMFIX	+ 0.88	EMEAX
SIMYX	+ 0.79	BWLIX
SIMYX	+ 0.79	BRLVX
ETORX	+ 0.75	FTRGX
SIMYX	+ 0.71	PFCOX

High negative correlations

WBALX	- 0.26	EMEAX
DLGBX	- 0.21	EMEAX
ETORX	- 0.15	DLGBX
WBALX	- 0.15	EMFIX
WBALX	- 0.08	BRLVX
WBALX	- 0.08	BWLIX

Risk-Adjusted Indicators

There is a big difference between Short Mutual Fund performing well and Short Intermediate Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Short Intermediate's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FTRGX	0.17	(0.01)	0.00	(0.75)	0.00	0.00	0.32	(0.32)	0.95
PFCOX	0.14	(0.01)	(0.36)	(0.02)	0.14	(0.17)	0.30	(0.29)	0.69
EMEAX	0.71	0.09	0.03	1.03	0.84	(0.77)	1.52	(1.48)	4.11
EMFIX	0.71	0.02	0.00	0.10	0.84	(0.79)	1.50	(1.43)	4.19
BWLIX	0.58	0.05	0.05	0.12	0.67	(0.58)	1.10	(1.11)	3.51
BRLVX	0.58	0.05	0.05	0.13	0.69	(0.58)	1.11	(1.11)	3.50
WBALX	0.29	(0.07)	0.00	(0.25)	0.00	0.00	0.53	(0.52)	4.39
DLGBX	0.18	(0.02)	0.00	(0.16)	0.00	0.00	0.34	(0.34)	1.03
SIMYX	0.39	(0.01)	(0.09)	0.05	0.43	(0.41)	0.83	(0.74)	1.97
ETORX	0.08	0.01	(0.36)	1.19	0.00	(0.14)	0.13	(0.13)	0.50

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